Currencies: Technical Strategies
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Yen Completes Fibonacci Pattern
Wed, May 7 2008, 21:03 GMT
by Andrei Pehar
The Japanese Yen recently completed a Fibonacci pattern starting with a low of 95.74 on March 13th, a high of 102.84 on April 1st, a 38.2% retracement to 100.13 on April 9th, and now a 138.2% extension to 105.55
We have since cooled a bit, coming to a rest at the weekly pivot at 104.77 (a level that also corresponds with the 127% Fib). Which side of it we continue to trade on in the days ahead may be an indication of future direction.
Support is below at 104.12, 103.86 and 102.84; meanwhile resistance is waiting above at 105.55 and 106.34 There is a bearish divergence on the daily chart, and both weekly and daily stochastics are beginning to enter a bearish phase as well.
Overall there is a range being established between 105.55 and 104.12, a break-out of which may well be the key to what lies ahead.
Published on Wed, May 7 2008, 21:17 GMT
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